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Effective retirement planning starts with making the right assumptions.

If we hope to be on the mark when we retire, we need to make accurate estimations about important retirement variables, including how long we will live and how much we need to save. Once we have reasonable estimates for these, we can take the appropriate action to help ensure we will be ready for retirement. If we do not plan ahead or if we make erroneous assumptions, the quality of the retirement life we hope to live can be in jeopardy.

Sometimes despite our best efforts we make mistakes in our calculations for retirement, and we are forced to live with the consequences. But we can greatly help our cause if we are careful to avoid these glaring retirement miscalculations:

1. Underestimating the length of retirement. Average life spans continue to increase.  If you are a 65-year-old U.S. male, you now have a 40 percent chance of living to 85. Females have even better odds, with a 50 percent chance of getting to 85. But if our plans for retirement do not take into account the likely increase in longevity, we could find ourselves out of resources with more time still ahead.

2. Living beyond your means. The people who spend extravagantly during the early days of retirement could find themselves in dire financial straits as their retirement years continue to roll on. Living with a “why wait when tomorrow may never come” attitude is a mistake, unless you actually have unlimited funds. A better motto for most of us is to live beneath our means.

3. Following advice that isn’t right for you. Advice that is good for one person may be entirely inappropriate for the next. The best financial vehicle depends on your individual situation and requirements, the level of risk you can comfortably assume, the amount of money you are considering Call Freeman Owen Jr For Retirement Planningputting into it, and the number of years you have for the nest egg to grow.

Source: MSN Money 4-22-2013

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